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ICICI Bank offers the country’s first instant Public Provident Fund (PPF) account facility

December 07, 2017

  • Customers now can open a PPF account online, 24X7
  • The bank makes the account opening process completely digital and paperless


Mumbai: ICICI Bank, India’s largest private sector bank by consolidated assets, today announced the launch of a digital service that enables customers to open a Public Provident Fund (PPF) account instantly and in a completely online and paperless manner. With this new facility, customers of the bank are no longer required to visit a branch and submit physical documents to open a PPF account. They can now conveniently open a PPF account anytime, anywhere using the bank’s digital channels of internet and mobile banking.


In a bid to enhance customer experience through digitization of prominent investment products, ICICI Bank has worked closely with the Ministry of Finance to pioneer a completely online proposition for opening a PPF account.


ICICI Bank is the first in the country to introduce a fully digital and paperless procedure for opening a PPF account.


Talking about the launch, Anup Bagchi, Executive Director, ICICI Bank said, “At ICICI Bank, our philosophy is ‘Ready For You. Ready For Tomorrow’, wherein we are committed to offer innovative products and services to our customers at the fastest possible speed and with the highest level of convenience. We are delighted to have worked closely with the Ministry of Finance to create an online proposition for instant creation of a PPF account, removing the requirement of a customer having to visit a branch to submit documents. We are the first bank in the country to offer this innovative service, that enables our customers to open a PPF account completely digitally and at an unprecedented speed. This initiative is among the slew of digital initiatives that we have worked upon to make tax savings solutions convenient completely online - including FD, Life & General Insurance and tax saving mutual funds”


Available 24x7 and on all days, customers can login to internet banking or mobile banking and apply for a PPF account conveniently in just a few steps.


Here is how it works on internet banking:


  1. Login into the bank’s retail internet banking account: Customer needs to login to his/her retail internet banking account > Click on open PPF account in ‘My Accounts’ section
  2.  Confirm details and deposit amount: The customer is required to confirm auto populated details like PAN, address among others and enter initial deposit amount. He/she can also choose to add more money to the account via a monthly standing instruction.
  3.  Authenticate using Aadhaar: Customer needs to enter his/her Aadhaar number followed by the Aadhaar OTP to confirm online PPF account opening.


On submission of the above, the customer’s PPF account is created instantly within a few seconds. The account number of PPF is displayed instantly to the customer. For the convenience of customers, the statement of transaction as well as the annual statement of the PPF account is available on internet banking. Customers can follow similar steps to open the PPF account from their mobile banking as well.


This initiative is an addition to an array of services available from the bank for PPF account, a popular long term investment backed by the Government of India. It includes opening & servicing of PPF account at any ICICI Bank branch, transfer of funds online to PPF account via linked savings account and availability of account statement online.


To read more on this new facility, visit


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ICICI Bank services its large customer base through a multi-channel delivery network of 4856 branches, 13792 ATMs, phone banking, internet banking (, mobile banking, banking on Facebook & Twitter and ‘PocketsbyICICIBank’ the country’s first digital bank on mobile.


About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 156.8 billion at September 30, 2017. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.’


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Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.


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